Before opening a business, potential owners typically take a lot of time to plan and prepare for all the issues, both big and small, that may arise. Despite planning and making all appropriate preparations, owners of businesses might find, soon after their openings, that owning and operating their own companies may not be as easy as it once sounded. There are many issues that business owners in Texas and elsewhere may experience when first getting up and running. Here are just a few of them.
One of the biggest issues affecting start up companies is the inability to build a strong client base quickly. Customers are not always easy to come by, so a business owner will have a lot of work to do in order to get their company's name out there. Having a quality product that serves a valuable purpose is only part of building a business. The right kind of marketing is needed to gain clients, and excellent service is needed to keep them.
Construction services are frequently utilized for both commercial and residential projects. As a whole, Texas has experienced quite a building boom in the last few years. Even though the number of building jobs is evening out, it is likely that construction disputes have occurred and/or will occur for various reasons. One common cause of such disputes involves warranty coverages, or the lack thereof.
When a person purchases a product or service, it is reasonable for that person to have certain expectations regarding how his or her purchase should turn out or perform. Most companies offer written warranties which spell out what will be repaired or replaced at no cost to a consumer if his or her purchase fails to meet such expectations. There are some warranties, though, that are not written but are implied.
Allegiancy recently closed on a multi-million-dollar real estate deal. With this purchase, the company, which is known for commercial real estate management, will have a greater presence in Texas. A deal like this is not something that could have been completed in a day. There is no doubt about it, significant planning and negotiating went in to making this purchase happen.
TriStone Realty Management was acquired by Allegiancy in this massive purchase. By taking over TriStone, Allegiancy added well over $400 million of real estate to its portfolio -- which was already pretty expansive. Allegiancy purchases commercial real estate with the intent to lease properties to both current and potential business owners. Currently, the company manages a total of 65 properties. The value of Allegiancy is reported to be just under $1 billion.
The business world can be a brutal place for current and potential business owners. Anyone can have an idea for a product or service, but building and selling that product or service is not an easy task. Businesses that are home-based can take a lot of work to get off the ground. These companies are not built overnight or with little thought involved.
A recent article shared the success story of the small business, Better Back. This company was started because the business owner herself had a problem that needed a solution. Years of working behind a desk caused her to experience severe back pain. She set out on a journey to get her business going, which most certainly took time. Getting financial backing, building a prototype, finding the right employees and ensuring everything is legally protected, can be a frustrating process.
For a business owner, building a strong presence on the Internet can help improve his or her company's bottom line. At the same time, what is posted for the whole world to see can also cause serious problems. Company owners in Texas and across the country, who fail to manage what company information is shared on the Internet, including social media sites, could potentially face business litigation as a result.
According to a recent study, the average Fortune 100 company deals with approximately 70 social media-related compliance issues on a yearly basis. These problems are generally over employees sharing sensitive information. If this happens, any clients or companies affected would be well within their rights to take legal actions.
Contracts seem to be a necessary part of life. Gone are the days where a handshake and a verbal promise were enough to keep people accountable to one another -- at least when it comes to business transactions and real estate matters. Concerning commercial real estate, the transactions made are not typically minor things. In order to protect buyers and sellers in Texas and elsewhere, contracts are needed; however, disputes can and do often arise.
Regardless of what side of the table a person is on when closing a commercial real estate deal, all parties involved need to make sure all bases are covered and legal protections are put in place. Even if everything seems to go smoothly at the beginning something may happen. This may, ultimately, lead to a dispute of some kind over contract terms.
Going into business with a partner can easily be compared to getting married. Things may start out on good terms and everything may seem rosy and bright with strong hopes and expectations for the future. Unfortunately, though, problems will inevitably arise. Partnership disputes are something the majority of business co-owners in Texas will face at some point during the lives of their businesses. Legal assistance is available not only to prevent some common problems but also to litigate, if necessary.
According to a recent report, more business owners across the country are looking for ways to resolve partnership disputes. Just as many married couples turn to counseling to talk through their issues, owners of businesses are doing the same. Many are even finding success in taking this route, if this is done before things get to the point of being beyond repair.
As all current and future business owners in Texas and across the country know, opening a business takes significant planning. A venture such as this is not something that most would take on without a lot of thought. One part of planning that the owners of some businesses often neglect is how and when to close up shop.
Closing a business is not as easy as shutting the doors, letting employees go and trying to sell off unused supplies. For a sole proprietor, the decision to close or sell the business does not need to be run by anyone else. Co-owners, however, must reach a consensus about what to do. Still, even if all owners agree, there are multiple steps to closing a business in a way that ensures all necessary legal protections are in place.
Whether dealing in commercial or residential construction, developers are often used to plan and complete building projects. What happens, however, when a developer fails to complete his or her end of the deal? Unfortunately, several people in Texas and in a nearby state have reportedly had the experience of dealing with just that and claim to be out several million dollars as a result. For these cases, and others similar to them, an attorney with experience in business and construction law will understand what steps are necessary when seeking compensation for such losses.
A once prominently known business man and developer, along with his partner, have come under fire for failure to complete several major city projects. According to the firm's former clients -- who include several city officials from in- and out-of-state -- the owners of Wallace Bajjali Development Partners promised to redevelop and renew their cities. This was to be done with a combination of both public and private funds.
Texas business owners should, and will, do anything possible to protect their companies. In doing so, however, it is important to ensure employee rights are not being violated. Certain contracts, such as non-compete agreements, though valuable for some businesses, may also open the doors to business litigation issues.
Non-compete agreements are not a new concept, but there is a growing trend in the number of employers looking to require employees to sign such contracts. Employers have every right to want to protect their brand, their trade secrets and to reduce competition. This is simply good for a business's bottom line. Non-compete agreements are typically used for those in higher positions or for those who work in certain skilled professions; however, some companies are now requesting hourly employees to sign these types of contracts.